Canada is home to some of the top cannabis growers across the world. And like you and I know, the cannabis industry is burgeoning pretty fast, resulting in improved quarterly financials for several companies. SpeakEasy Cannabis Club Ltd (OTCMKTS: SPBBF) is one of the beneficiaries, having reported upbeat earnings for Q1 2021 from the sale of its indoor grow operations.
According to Malcolm Davidson, CEO, everyone played a significant role in bringing home the remarkable results and amidst so many challenges. “This achievement is particularly satisfying given the challenging environment for many cannabis companies and the uncertainty in the current markets…” He reported. Their labor was not in vain.
Convertible Loan Agreement with 10161233 Canada Limited and Bhayana Ventures Ltd
SpeakEasy Cannabis Club Ltd is set to obtain a loan from Bhayana Ventures Ltd. The loan stands at a minimum of $2.0 million and up to a maximum of $3.0 million. It will accrue interest at a rate of 6.0% per annum. The terms and conditions of the Loan Agreement dictate that the loan is payable in monthly arrears and is repayable on the second-anniversary date of the closing date.
The borrower will cause the grant to the Lender of a first mortgage over the Guarantor’s property in Rock Creek, British Columbia, as a form of security for the loan.
The Appointment of a New Auditor and Other Company Updates
Manning Elliott LLP has replaced Davidson & Company LLP as the auditor for SpeakEasy Cannabis Club Ltd. The replacement was occasioned by a resignation request made by the latter through the Company’s Board of Directors. On the other side, the company has also been thrown into mourning by the sudden death of Ian Waddell Q.C. He was the strategic advisor to the Board.
In other news, the company says that preparations are underway for the 2021 growing season, and the goal is to accomplish a 100% increase in yield. In 2020, SpeakEasy Cannabis had a bumper harvest, which delivered a quality crop of flower potency 15-18 % THC.
Aleafia Health Inc (OTCMKTS: ALEAF) Hosts Two-Day Conference With Retailer Harvest Party On Adult-use Momentum
Aleafia Health Inc (OTCMKTS: ALEAF) was in the news again. The group had recently hosted its second annual adult-use retailer harvest party.
Here’s more about the recently hosted two-day event
The event was hosted at the group’s outdoor cultivation facility. It had in attendance more than 300 cannabis store owners, managers, budtenders, and industry leaders. As part of the two-day event, retailer tours of Port Perry’s 86 acre outdoor site were also hosted. In addition, participants of the two-day conference were allowed to attend and participate in the series of educational sessions hosted a part of the event. Participants of the educational sessions learned about the various methods of cultivation that the group adopts. Participants also got a glimpse of how Aleafia Health Inc has built its thriving portfolio.
Offering a behind-the-scenes scenes glimpse to attendees was a privilege for Geoffrey Benic, CEO of Aleafia Health Inc.
The CEO of Aleafia Health Inc, Geoffrey Benic, shared his thoughts on the recently hosted two-day event. He expressed being happy to offer a behind-the-scenes glimpse to attendees of the two-day conference. The cannabis company successfully generated a solid and robust engagement in the cannabis retailers in the market through the two-day event. Benic added that he is happy that the group successfully strengthened its market share, besides being able to build a lucrative customer base for the group’s Sunday Market brand family.
Adult-use cannabis net revenue during 2Q 2021 spiked 93%
Aleafia Health Inc has one more reason to be happy about, sources share. According to the financial statement that the group issued, it has come to light that the corporate house has reported a 93% spike in income in 2Q 2021 generated from adult-use cannabis, which is reportedly a thriving sector. Furthermore, when probed on the reason for growth at this pace, it has come to light that the Divvy brand, an everyday cannabis brand, is one of the significant contributors to a spike in the adult-use cannabis net revenue during 2Q 2021.
Aleafia Health Inc is one of the leading vertically integrated licensed Canadian cannabis groups that offer health and wellness services. The corporate house has an international footprint with a presence in Germany and Australia.
VIVO Cannabis Inc (OTCMKTS: VVCIF) Inks Deal A With Delta 9 Cannabis Inc (OTCMKTS: DLTNF) To Sell Its Products on the VIVO Cannabis Inc e-commerce Platform
VIVO Cannabis Inc (OTCMKTS: VVCIF) has announced that the group has inked an ambitious partnership with Delta 9 Cannabis Inc (OTCMKTS: DLTNF). With the partnership on paper, VIVO Cannabis Inc is going to sell products of Delta 9 Cannabis Inc on its e-commerce platform.
Both the companies have received their respective licenses in 2013 and 2014
Both companies; VIVO Cannabis Inc and Delta 9 Cannabis Inc have received their respective licenses from Health Canada. The two groups were granted the necessary licenses in anywhere between late 2013 and early 2014 by the Canadian authority. According to source who are monitoring the developments in the cannabis industry in Canada, VIVO Cannabis Inc and Delta 9 Cannabis Inc are the two longest running cannabis companies, with Health Canada licenses to their credit.
Information about the partnership
The partnership will pave the way for VIVO Cannabis Inc to hand-pick and purchase products from the Delta 9 Cannabis Inc portfolio. The company will purchase and sell Delta 9 cannabis dried flower products. Beneficiaries include medical patients of the Canna Farms’. The products will be sold directly to the patients. By doing so, VIVO Cannabis Inc, on the one hand will successfully strengthen its product portfolio by expanding the options of brand the group offers and on the other hand, the cannabis company is giving its medical customers the option of brands to choose from. According to numbers that are shared by the company, the Canna Farms’ has as many as 20,000-odd active patients in the medical category who depend on the group’s medical solutions.
Delta 9 Cannabis Inc is happy that its products are available nationally
Delta 9 Cannabis Inc is more than happy that the group’s products will be available nationally. The Founder and Chief Executive Officer of Delta 9 Cannabis Inc, John Arbuthnot, went on record and expressed that he is excited that the group’s craft products have a national presence through one of the leaders in the medical cannabis segment. Furthermore, the Founder and Chief Executive Officer of the group added that Delta 9’s small batch of hand trimmed strains, are a perfect match for products that are sold under the Canna Farms’ banner.
Trulieve Cannabis Corp (OTCMKTS: TCNNF) Announces That The Group Has Successfully Closed 8% Senior Secured Notes That Are Due In 2026
Trulieve Cannabis Corp (OTCMKTS: TCNNF) has announced that the group has successfully closed 8% of senior secured notes due in 2026. The group earlier reported about the previous closure. However, the proceeds were successfully carried out recently.
The value of the overall proceeds is $350.0 million
A source who is aware of the development shared that the overall value of the proceeds is $350.0 million. Furthermore, it is learned that the Notes were issued at 100% of their respective face value. It is known that the outstanding senior Notes of the group will mature in 2024. Those who own the Note are eligible for an interest rate of 8%. The respective interest is payable in multiple options. There is an option to redeem the interest amount annually, semi-annually, or the claim can be paid in equal installments till the date of maturity. It has come to light that October 6, 2026, is when the Notes will mature.
Furthermore, the Notes owner can redeem the Notes as a whole, in parts, during specific time intervals. For example, if the Notes owner wants to hold on to them, this can be done, and in this situation, the Notes can be redeemed after October 6, 2023, which is the maturity date. The price that is prescribed as redemption cost will be what the Note owner is eligible to receive.
Canaccord Genuity Corp. played the role of individual bookrunner
A source who is aware of the development shared that agency Canaccord Genuity Corp. played the role of an individual agent and book-runner. In a bid to have the Notes listed on the Canadian Securities Exchange (the CSE), Trulieve Cannabis Corp, completed all the legal formalities and adhered to the prescribed procedures. Accordingly, the four-month hold period is also followed as per the Canadian statutory.
Trulieve Cannabis Corp has closed on the $350 million debt issuance
Trulieve Cannabis Corp has closed on the $350 million debt issuance. This CEO of the group confirmed the news. The CEO of Trulieve Cannabis Corp, Kim Rivers, said that the strength in the capital market gives the corporate house access to capital which will act as a catalyst for the ambitious growth plans for the group. Rivers added that the corporate house is working towards achieving its futuristic goals.